Circle has reportedly blacklisted the Zama cUSDC contract address, freezing approximately $12.6 million

May 30th brought a high-profile debate between former Multicoin Capital co-founder Kyle Samani and leading DeFi researcher DeFi Monk over Hyperliquid’s future. DeFi Monk is bullish on Hyperliquid, arguing that even with regulatory uncertainty and competitive risks, its long-term potential is massive. He points out that Hyperliquid is disrupting the global derivatives contract trading market—a space seeing roughly $1 trillion in daily nominal trading volume. Even in its current restricted state, Monk calls Hyperliquid a highly robust and attractive business. If regulatory issues are resolved, its growth upside is nearly limitless, potentially making it a mega corporation overnight. Monk frames the worst-case scenario as steady, status-quo growth, while the best case is explosive expansion. Kyle Samani strongly pushed back hard against Monk’s optimism, asserting Hyperliquid is essentially “Binance 2.0 without a marketing team.” He claims the project made thousands of technical deci

On May 30, on-chain investigator ZachXBT revealed new details: To his knowledge, Circle blacklisted the Zama cUSDC contract address, freezing roughly $12.6 million—this action stems from a U.S. civil lawsuit, and Circle is reported to have received an enforcement order from a U.S. court. Notably, the Zama team was not provided advance notice of Circle’s freeze, and the plaintiff may have misrepresented the connection between the frozen address and the Zama contract to the court. The civil suit targets Overnight Finance, with one plaintiff being Patagon Management: a U.S.-based cryptocurrency-focused investment and trading firm founded by Diogenes Casares. Patagon specializes in "special situations investing," with a focus on decentralized autonomous organizations (DAOs). It is known for malicious DAO takeovers and Risk-Free Value (RFV) looting strategies: typically, it acquires large amounts of governance tokens, pushes proposals to return value to token holders (or itself), and trigg

May 30: On-chain investigator ZachXBT has further revealed that the Zama cUSDC contract—blacklisted by USDC issuer Circle—may be connected to the decentralized finance (DeFi) project Overnight Finance. The linked address tied to Overnight Finance previously deposited around $12.4 million in USDC into the Zama protocol on May 11. Notably, Overnight recently initiated a governance vote to discuss its treasury fund allocation plan; earlier, some users accused the project team of carrying out a rug pull, triggering community controversy. Prior reports indicate that roughly seven hours ago, USDC issuer Circle seemingly blacklisted the privacy protocol Zama’s confidential USDC (cUSDC) contract address on the Ethereum network, with approximately $12.6 million in funds frozen in the contract. This freezes the locked assets, rendering them temporarily unable to be transferred or utilized.

May 30 – U.S. Defense Secretary Hedges told the 23rd Shangri-La Dialogue that President Trump believes any deal with Iran would be a good, great deal, and is exercising great patience in securing such an agreement. "I spoke with President Trump this morning, and he tasked me to reaffirm how patiently he’s proceeding with this historic U.S. effort: 'Any deal with Iran will be a good deal, a great deal,'" Hedges said. (Xinhua News Agency)

May 30 — According to MLM Monitor, three days ago, an address suspected to be linked to a hacker group withdrew roughly $29.3 million in USDC from Coinbase and subsequently swapped those funds for DAI. The following day, that same address converted some of its DAI back to USDC before purchasing Monero (XMR) via multiple related wallets. The associated address accumulated approximately 23 million XMR, pushing Monero’s price up nearly 15%. Currently, these addresses still hold about $4 million in DAI on-chain, with no further XMR accumulation observed as of press time.

On May 30, monitoring from crypto analytics tool GMGN shows that POD (dphn.ai), a token from the Base ecosystem, saw a sharp rally of over 35% today, pushing its market cap above $137 million. The token’s 24-hour trading volume reached $1.2 million. Back on May 12, AI laboratory Dolphin announced that all protocol revenue would be used to buy back POD tokens from the open market. Holders can stake their POD in the xPOD treasury to earn rewards. The Dolphin Network uses a Peer-to-Pool architecture to repurpose idle GPUs: each AI model runs in a dedicated GPU pool, with tasks assigned randomly to network nodes—there’s no direct buy/sell order book matching. Nodes earn POD rewards from the protocol treasury based on the number of inference tokens they process. Users can purchase credits directly from the protocol, with support for payments in POD, ETH, BTC, USDC, XMR, and ZEC. All protocol revenue is earmarked for POD buybacks to directly offset inflation. POD holders who stake their t